The disaster that Druckenmiller sees coming for the United States is all about changing demographics and entitlement spending. They don’t add up to a sustainable situation.Emphasis in original. It's remarkable that in this political season where candidates are putatively talking about the future, nobody is talking about the state of entitlement spending except to expand it (looking at you, Bernie.) Republicans have finally learned that pointing out the parlous state of the Medicare and Social Security Trust Funds is a ticket to Loserville. Better to let them collapse under their own insolvency and then pick up the pieces later.
In 1940, entitlement payments, which include everything from disability payments to Social Security to Medicare, amounted to just over 20% of annual government spending in the United States.
Today, entitlement spending has swelled to nearly 70% of the annual federal budget.
Sunday, April 03, 2016
Things that can't go on, don't
Zero Hedge: "Stanley Druckenmiller: "This Is The Most Unsustainable Situation I Have Seen In My Career"."